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PARTNERSHIP ACT 1890 - SECT 3

Postponement of rights of person lending or selling in consideration of share of profits in case of insolvency.

3. In the event of any person to whom money has been advanced by way of loan
upon such a contract as is mentioned in the last foregoing section, or of any
buyer of a goodwill in consideration of a share of the profits of the
business, being adjudged a bankrupt, entering into an arrangement to pay his
creditors less than [100p] in the pound, or dying in insolvent circumstances,
the lender of the loan shall not be entitled to recover anything in respect of
his loan, and the seller of the goodwill shall not be entitled to recover
anything in respect of the share of profits contracted for, until the claims
of the other creditors of the borrower or buyer for valuable consideration in
money or money's worth have been satisfied.

© 1890 Crown Copyright

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